Your Money Machine - Compliance Reporting - Russell Colbourne

​Russell Colbourne : Your Money Machine

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INTRODUCTION
Your business is Your Money Machine.  In this Show – I’ll take you under the hood of your enterprise and show you how to fine tune your business.  Get ready for lift off as we add rocket fuel to your profitability!  This show is focused on businesses that have launched and are preparing for exponential growth.

Are you sure you’re ready for exponential growth?  Getting your mindset right to transition from business owner to CEO.  Are you prepared to give up some control and trust others to help you build?  As well as ensuring all your systems and standard operating procedures have been documented and are in place, you will need to ensure your financial reporting provides you with the feedback you need to run your business. 

With an ever-changing regulatory landscape, compliance can be a nightmare for any company. Not only do you have to keep up to date with laws and regulations but also ensure that you are implementing adequate controls and managing them effectively while at the same time maintaining normal operational requirements. But non-compliance carries a much higher price. This show reveals the benefits of compliance and how you can create an effective compliance programme within your organisation.

What You Need to Know - The What

• The main reasons SMEs don’t have adequate compliance plans
• How to create an effective compliance plan
• The benefits of ensuring your company is completely compliant 
• How a part-time CFO will ensure your company is fully compliant

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What You Need to Do - The How

There are many activities that sit behind each of the 12 boxes and the list below is not exhaustive, but merely gives some examples of what a business owner needs to consider in the area of Compliance Reporting:

• Ensure that statutory accounts are completed and filed on time; 
  
• Ensure that annual returns are completed and filed on time; 
  
• Ensure a summary of employee income and tax contributions are filed on time; 
  
• Use a national collaborative network to access information related to specific compliance issues for your industry; 
  
• Check thresholds relating to Value Added/Sales taxes (or country equivalent), audit, cash accounting, etc; 
  
• Read and interpret bank/invoice finance covenants and ensure compliance; 
  
• Introduce HR checklist and sign off compliance; 
  
• Check insurance cover, relevance and make sure paperwork is complete; 
  
• Check the creditor situation with the relevant country body that controls and collects direct and indirect taxes; are agreements in place and are they being adhered to; 
  
• Check the creditor situation with the relevant country body that controls and collects direct and indirect taxes.
  

Shows 

• Previous: Season 4 Overview
  
• Next: Episode 3 – Tax Planning and legal Issues
  

 
Written by Russell Colbourne, FCCA, GAICD
Your Money Machine
Russell is a CFO and Entrepreneur who has worked across a diverse range of industries over the past 25 years.  After a short service commission as a pilot flying Seaking Helicopters in the British Royal Navy, Russell studied business and qualified as a Chartered Certified Accountant (ACCA) in the UK. Since then he has been integral with the start-up of many successful companies and operations within larger organisations.  He has bought, sold and spun off business operations in the UK, Australia and the US. 
In 1994 Russell joined Sir Richard Branson’s Virgin Atlantic Airlines where he was responsible for a number of innovative services that were, at the time, ground breaking and helped revolutionise air transport.  From launching the world’s first limo boat on the River Thames to developing the world’s first handheld check-in device and implementing drive through check-in booths around the world, Russell has helped the Virgin Group deliver unparalleled customer service. In 2000 Russell was the first of the Virgin team to arrive in Australia to start a new low cost Airline, and within 8 months had built a team operating flights between Sydney, Brisbane and Melbourne.
Russell now works as a Part Time CFO for a number of SME businesses in South Australia.  He is a Director of a health and wellbeing business; a crowdfunding website for educational costs and of the Founder Institute program in Adelaide where he lives with his wife and 3 teenage sons.
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